Additional Coverage:
- Dow hits all-time high, on pace for 47th record close (foxbusiness.com)
Dow Jones Hits Record High, Nasdaq and S&P Dip
The Dow Jones Industrial Average reached a new record high on Wednesday but later retreated. The S&P 500 and Nasdaq Composite, though slightly lower, have both risen significantly this year.
Strong Economic Indicators
Economic data released on Wednesday showed inflation holding above the Federal Reserve’s 2% target. The economy expanded 2.8% in the third quarter, while jobless claims hit a seven-month low.
Fed to Continue Cutting Rates
The economic indicators suggest the Federal Reserve will likely continue its rate-cutting path. Market participants anticipate a 25 basis point cut at the December meeting.
Trump’s Cabinet Appointments
Investors are optimistic about President-elect Donald Trump’s pro-business administration. Trump has nominated Kevin Hassett as chair of the National Economic Council and Scott Bessent as Treasury secretary.
Tax Cuts to Become Permanent?
Bessent has indicated his intention to make the Tax Cuts and Jobs Act of 2017 permanent. Meanwhile, Howard Lutnick has been appointed to lead the Commerce Department.
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- Dow hits all-time high, on pace for 47th record close (foxbusiness.com)